[1] It was constructed between 1916 and 1926 in the place of "Hamidiye Külliyesi", the religious buildings complex which belonged to Sultan Abdul Hamid I (reigned 1774–1789).

It was built to meet the high demand for office blocks at the area in the early years of the 20th century.

[2][3][4][5][6] During the occupation of Istanbul by the Allies following World War I, French troops, which were stationed in the old city zone, used the (at that time incomplete) building from 1920 to 1923 as barracks, calling it Caserne Victor.

[2][3][4][5][7] In the last decades of the 20th century, the building housed the Istanbul Stock Exchange, as well as the offices of bankers and financiers.

[5] In 1995 the Istanbul Stock Exchange moved to its current building in the İstinye neighbourhood, near Maslak business district.

There exists also a service stairway in the middle of the backside running from the ground floor to the mansard, which was unusual compared to other Ottoman business buildings of that period.